| A | B |
|---|
| economics | the study of the way the things people need and want are made and brought to them |
| market | a place where goods are bought and sold |
| law of supply and demand | when the quantity of a wanted item is limited, its price goes up |
| producers | people who make goods |
| consumers | people who use goods or services |
| barter | to trade |
| interdependence | relying upon one another for desired goods or services |
| natural resources | trees, land, minerals and water are some examples |
| opportunity cost | when you choose to buy one thing over something else, what you don't buy is your___. |
| capital resources | buildings and equipment used to produce goods or services |
| goods and services | everything bought and sold |
| labor force/human resources | the people who produce goods and services |
| scarcity | not enough of something, causing choices to need to be made. |
